Chevron Increases Delaware Basin Acreage

August 2013, Vol. 240 No. 8

Chevron U.S.A. has reached a joint development agreement with Cimarex Energy Co. for Delaware Basin acreage in Culberson County, TX that also provides Chevron access to infrastructure including a gathering system, roads and utilities.

The eight-year deal covers 104,000 acres to be operated by Cimarex. In addition to the acreage it contributes to the development area, Chevron will receive a 50% interest in Cimarex’s Triple Crown gathering system and a 50% interest in wells drilled during 2013. Chevron’s position in the Delaware Basin exceeds 1 million gross acres. The Delaware Basin contains several stacked oil and wet gas plays.